Primark CEO resigns over allegation of misconduct
Primark CEO Paul Marchant has resigned after an investigation into allegations of inappropriate behaviour towards a woman in a social setting. Marchant acknowledged his mistake and accepted that his actions fell below the company’s expected standards. Associated British Foods (ABF), Primark’s parent company expressed disappointment but emphasised its culture’s importance of integrity and respect.
Eoin Tonge, ABF’s finance director, will serve as interim CEO. The news caused ABF’s share price to drop nearly 4%. HR experts highlight this as a reminder for businesses to comply with workplace harassment prevention laws.
CFO turnover hits 15% in 2024 amid high expectations
Research by Russell Reynolds Associates reveals that over 15% of chief financial officers in publicly listed companies left their roles in 2024, driven by high retirement rates and demanding expectations.
CFO tenure has dropped to a six-year low, with average retirements now occurring at 56.6 years. Over half of outgoing CFOs retired or moved to board positions, while 34% transitioned to CEO or president roles. The demand for CFOs with broad experience in business acumen, AI, and geopolitics continues to rise, highlighting the need for robust succession plans in this key position.
OpenAI secures $40bn funding round, aims for AGI
OpenAI has raised a record $40 billion in a funding round that values the company at $300 billion in partnership with Japanese investment group SoftBank. The funds will push forward AI research and pave the way for artificial general intelligence (AGI).
SoftBank will initially invest $10bn, potentially $30bn more by 2025, contingent on certain conditions. In response to growing competition from Meta and DeepSeek, OpenAI plans to build a more open, generative AI model. CEO Sam Altman emphasised the importance of openness as AI models face rising demand and scrutiny.